it。　The　price　of　that　labour　may　indeed　make　a　part　of　it；　as　the
  workmen　so　employed　may　place　the　whole　value　of　their　wages　in
  their　stock　reserved　for　immediate　consumption。　But　in　other
  sorts　of　labour；　both　the　price　and　the　produce　go　to　this　stock；
  the　price　to　that　of　the　workmen；　the　produce　to　that　of　other
  people；　whose　subsistence；　conveniences；　and　amusements；　are
  augmented　by　the　labour　of　those　workmen。
  The　intention　of　the　fixed　capital　is　to　increase　the
  productive　powers　of　labour；　or　to　enable　the　same　number　of
  labourers　to　perform　a　much　greater　quantity　of　work。　In　a　farm
  where　all　the　necessary　buildings；　fences；　drains；
  communications；　etc。；　are　in　the　most　perfect　good　order；　the
  same　number　of　labourers　and　labouring　cattle　will　raise　a　much
  greater　produce　than　in　one　of　equal　extent　and　equally　good
  ground；　but　not　furnished　with　equal　conveniencies。　In
  manufactures　the　same　number　of　hands；　assisted　with　the　best
  machinery；　will　work　up　a　much　greater　quantity　of　goods　than
  with　more　imperfect　instruments　of　trade。　The　expense　which　is
  properly　laid　out　upon　a　fixed　capital　of　any　kind；　is　always
  repaid　with　great　profit；　and　increases　the　annual　produce　by　a
  much　greater　value　than　that　of　the　support　which　such
  improvements　require。　This　support；　however；　still　requires　a
  certain　portion　of　that　produce。　A　certain　quantity　of　materials；
  and　the　labour　of　a　certain　number　of　workmen；　both　of　which
  might　have　been　immediately　employed　to　augment　the　food；
  clothing　and　lodging；　the　subsistence　and　conveniencies　of　the
  society；　are　thus　diverted　to　another　employment；　highly
  advantageous　indeed；　but　still　different　from　this　one。　It　is
  upon　this　account　that　all　such　improvements　in　mechanics；　as
  enable　the　same　number　of　workmen　to　perform　an　equal　quantity　of
  work；　with　cheaper　and　simpler　machinery　than　had　been　usual
  before；　are　always　regarded　as　advantageous　to　every　society。　A
  certain　quantity　of　materials；　and　the　labour　of　a　certain　number
  of　workmen；　which　had　before　been　employed　in　supporting　a　more
  complex　and　expensive　machinery；　can　afterwards　be　applied　to
  augment　the　quantity　of　work　which　that　or　any　other　machinery　is
  useful　only　for　performing。　The　undertaker　of　some　great
  manufactory　who　employs　a　thousand　a　year　in　the　maintenance　of
  his　machinery；　if　he　can　reduce　this　expense　to　five　hundred　will
  naturally　employ　the　other　five　hundred　in　purchasing　an
  additional　quantity　of　materials　to　be　wrought　up　by　an
  additional　number　of　workmen。　The　quantity　of　that　work；
  therefore；　which　his　machinery　was　useful　only　for　performing；
  will　naturally　be　augmented；　and　with　it　all　the　advantage　and
  conveniency　which　the　society　can　derive　from　that　work。
  The　expense　of　maintaining　the　fixed　capital　in　a　great
  country　may　very　properly　be　compared　to　that　of　repairs　in　a
  private　estate。　The　expense　of　repairs　may　frequently　be
  necessary　for　supporting　the　produce　of　the　estate；　and
  consequently　both　the　gross　and　the　net　rent　of　the　landlord。
  When　by　a　more　proper　direction；　however；　it　can　be　diminished
  without　occasioning　any　diminution　of　produce；　the　gross　rent
  remains　at　least　the　same　as　before；　and　the　net　rent　is
  necessarily　augmented。
  But　though　the　whole　expense　of　maintaining　the　fixed
  capital　is　thus　necessarily　excluded　from　the　net　revenue　of　the
  society；　it　is　not　the　same　case　with　that　of　maintaining　the
  circulating　capital。　Of　the　four　parts　of　which　this　latter
  capital　is　composed…　money；　provisions；　materials；　and　finished
  work…　the　three　last；　it　has　already　been　observed；　are　regularly
  withdrawn　from　it；　and　placed　either　in　the　fixed　capital　of　the
  society；　or　in　their　stock　reserved　for　immediate　consumption。
  Whatever　portion　of　those　consumable　goods　is　employed　in
  maintaining　the　former；　goes　all　to　the　latter；　and　makes　a　part
  of　the　net　revenue　of　the　society。　The　maintenance　of　those　three
  parts　of　the　circulating　capital；　therefore；　withdraws　no　portion
  of　the　annual　produce　from　the　net　revenue　of　the　society；
  besides　what　is　necessary　for　maintaining　the　fixed　capital。
  The　circulating　capital　of　a　society　is　in　this　respect
  different　from　that　of　an　individual。　That　of　an　individual　is
  totally　excluded　from　making　any　part　of　his　net　revenue；　which
  must　consist　altogether　in　his　profits。　But　though　the
  circulating　capital　of　every　individual　makes　a　part　of　that　of
  the　society　to　which　he　belongs；　it　is　not　upon　that　account
  totally　excluded　from　making　a　part　likewise　of　their　net
  revenue。　Though　the　whole　goods　in　a　merchant's　shop　must　by　no
  means　be　placed　in　his　own　stock　reserved　for　immediate
  consumption；　they　may　in　that　of　other　people；　who；　from　a
  revenue　derived　from　other　funds；　may　regularly　replace　their
  value　to　him；　together　with　its　profits；　without　occasioning　any
  diminution　either　of　his　capital　or　of　theirs。
  Money；　therefore；　is　the　only　part　of　the　circulating
  capital　of　a　society；　of　which　the　maintenance　can　occasion　any
  diminution　in　their　net　revenue。
  The　fixed　capital；　and　that　part　of　the　circulating　capital
  which　consists　in　money；　so　far　as　they　affect　the　revenue　of　the
  society；　bear　a　very　great　resemblance　to　one　another。
  First；　as　those　machines　and　instruments　of　trade；　etc。；
  require　a　certain　expense；　first　to　erect　them；　and　afterwards　to
  support　them；　both　which　expenses；　though　they　make　a　part　of　the
  gross；　are　deductions　from　the　net　revenue　of　the　society；　so　the
  stock　of　money　which　circulates　in　any　country　must　require　a
  certain　expense；　first　to　collect　it；　and　afterwards　to　support
  it；　both　which　expenses；　though　they　make　a　part　of　the　gross；
  are；　in　the　same　manner；　deductions　from　the　net　revenue　of　the
  society。　A　certain　quantity　of　very　valuable　materials；　gold　and
  silver；　and　of　very　curious　labour；　instead　of　augmenting　the
  stock　reserved　for　immediate　consumption；　the　subsistence；
  conveniencies；　and　amusements　of　individuals；　is　employed　in
  supporting　that　great　but　expensive　instrument　of　commerce；　by
  means　of　which　every　individual　in　the　society　has　his
  subsistence；　conveniencies；　and　amusements　regularly　distributed
  to　him　in　their　proper　proportions。
  Secondly；　as　the　machines　and　instruments　of　a　trade；　etc。；
  which　compose　the　fixed　capital　either　of　an　individual　or　of　a
  society；　make　no　part　either　of　the　gross　or　of　the　net　revenue
  of　either；　so　money；　by　means　of　which　the　whole　revenue　of　the
  society　is　regularly　distributed　among　all　its　different　members；
  makes　itself　no　part　of　that　revenue。　The　great　wheel　of
  circulation　is　altogether　different　from　the　goods　which　are
  circulated　by　means　of　it。　The　revenue　of　the　society　consists
  altogether　in　those　goods；　and　not　in　the　wheel　which　circulates
  them。　In　computing　either　the　gross　or　the　net　revenue　of　any
  society；　we　must　always；　from　their　whole　annual　circulation　of
  money　and　goods；　deduct　the　whole　value　of　the　money；　of　which
  not　a　single　farthing　can　ever　make　any　part　of　either。
  It　is　the　ambiguity　of　language　only　which　can　make　this
  proposition　appear　either　doubtful　or　paradoxical。　When　properly
  explained　and　understood；　it　is　almost　self…evident。
  When　we　talk　of　any　particular　sum　of　money；　we　sometimes
  mean　nothing　but　the　metal　pieces　of　which　it　is　composed；　and
  sometimes　we　include　in　our　meaning　some　obscure　reference　to　the
  goods　which　can　be　had　in　exchange　for　it；　or　to　the　power　of
  purchasing　which　the　possession　of　it　conveys。　Thus　when　we　say
  that　the　circulating　money　of　England　has　been　computed　at
  eighteen　millions；　we　mean　only　to　express　the　amount　of　the
  metal　pieces；　which　some　writers　have　computed；　or　rather　have
  supposed　to　circulate　in　that　country。　But　when　we　say　that　a　man
  is　worth　fifty　or　a　hundred　pounds　a　year；　we　mean　commonly　to
  express　not　only　the　amount　of　the　metal　pieces　which　are
  annually　paid　to　him；　but　the　value　of　the　goods　which　he　can
  annually　purchase　or　consume。　We　mean　commonly　to　ascertain　what
  is　or　ought　to　be　his　way　of　living；　or　the　quantity　and　quality
  of　the　necessaries　and　conveniencies　of　life　in　which　he　can　with
  propriety　indulge　himself。
  When；　by　any　particular　sum　of　money；　we　mean　not　only　to
  express　the　amount　of　the　metal　pieces　of　which　it　is　composed；
  but　to　include　in　its　signification　some　obscure　reference　to　the
  goods　which　can　be　had　in　exchange　for　them；　the　wealth　or
  revenue　which　it　in　this　case　denotes；　is　equal　only　to　one　of
  the　two　values　which　are　thus　intimated　somewhat　ambiguously　by
  the　same　word；　and　to　the　latter　more　properly　than　to　the
  former；　to　the　money's　worth　more　properly　than　to　the　money。
  Thus　if　a　guinea　be　the　weekly　pension　of　a　particular
  person；　he　can　in　the　course　of　the　week　purchase　with　it　a
  certain　quantity　of　subsistence；　conveniencies；　and　amusements。
  In　proportion　as　this　quantity　is　great　or　small；　so　are　his　real
  riches；　his　real　weekly　revenue。　His　weekly　revenue　is　certainly
  not　equa